Market Newsdesk

August 12, 2021 8:20 am

Ketel One Vodka is Giving One Lucky Winner What They Need to Hold a Marvelous Emmys® Viewing Party, all From Their Own Home

The Official Spirits Sponsor of the 73rd Emmy Awards Season launches a sweepstake, giving one viewer and friends the opportunity to win an iconic Emmys® at-home experience.

PR Newswire

NEW YORK, Aug. 12, 2021 /PRNewswire/ — This year, Ketel One Family Made Vodka returns as the Official Spirits Sponsor of the 73rd Emmy® Awards Season, and to make things a bit more marvelous for those tuning in from home, Ketel One Vodka is giving one lucky viewer a chance to win all they need to host an Emmys watch party fit for the stars. Starting today, consumers nationwide who are 21+ can enter to win the elements for the ultimate Emmys viewing party for themselves and up to 10 guests (each guest must be 21+). The viewing party will take place during the live television broadcast of the 73rd Emmy® Awards on Sunday, September 19, 2021.

This Emmy Awards season, Ketel One Vodka is celebrating the icons – from the television industry’s brightest stars who bring us together over marvelous, memorable moments of joy, laughter and inspiration to the most iconic cocktail of all – The Martini. To make celebrating at home easy, the grand prize winner will be given a virtual mixology class that will include instructions on making this year’s Ketel One Emmys Cocktail Collection† – a menu of signature sips inspired by iconic martini moments in television and entertainment.

†Mixology class will also include instructions on how to prepare non-alcohol cocktails (mocktails).

WHAT’S INCLUDED
To ensure the most iconic at-home Emmys celebration, Ketel One Vodka is rolling out the red carpet (literally) for the grand prize winner. One consumer will receive a grand prize valued at approximately $4,460.00 inclusive of:

$500 gift card which may be used towards food and beverages for the party (or otherwise)
Cocktail Courier kit inclusive of all the ingredients (except alcohol) needed to recreate the same iconic Ketel One Martinis the stars will be sipping at this year’s Emmys celebrations. The kits will include cocktail accompaniments from Filthy Food.
A virtual cocktail class with a Ketel One mixologist to show them how to make award-worthy cocktails at home.*
A professional photographer to document the evening’s celebrations
Use of a projector and screen for the perfect viewing experience of the 73rd Emmy Awards‡
Use of a little extra decor to ensure the evening is Emmy-worthy. Items include a 10-foot red carpet and rope, Ketel One branded back-drop, a bar for serving beverages*, a restaurant-style table, and a sectional sofa.‡

It doesn’t stop there. Ketel One Vodka is also giving five (5) secondary winners a chance to celebrate marvelously. Each will be awarded a $200 gift card as well as this year’s signature Ketel One Vodka Branded Emmys Cocktail Courier Kit (excludes alcohol). The approximate retail value of the secondary prize is $275.00 each.

*Note: Prizes do not include alcohol.
‡ Prize elements awarded contingent upon (a) Grand Prize winner’s residence being suitable for receipt of same, including sufficient space; and (b) prize elements will be provided only for use during the evening of September 19 and not permanently.

HOW TO ENTER
Ketel One Vodka has made entering to win the ultimate Emmys viewing party easy. Simply go to Emmys.KetelOne.com, verify your age and complete the entry form with all required information. Participants can enter starting on August 12, 2021 through August 27, 2021 (11:59:59am ET). There is a limit of one (1) entry per person. Winners will be notified by phone and/or email on August 27, 2021 (after 11:59:59 am ET).

Whether viewing from home or from the front row, Ketel One Family Made Vodka reminds everyone that moderation is marvelous. Please celebrate safely and responsibly. Stay tuned for more from Ketel One Vodka and how you can celebrate the Emmys marvelously from home. The 73rd Emmy Awards will be broadcast live on CBS on Sunday, September 19, 2021. Viewers can tune in live or stream the telecast online.

PLEASE DRINK RESPONSIBLY.
KETEL ONE Vodka. Distilled from Grain. 40% Alc/Vol. © Double Eagle Brands, B.V. Imported by Ketel One USA, Aliso Viejo, CA.
NO PURCHASE NECESSARY. Must be U.S. resident, 21+. Void in AK, HI & where prohibited. Sweepstakes ends 8/27/21 @ 11:59:59 a.m. ET. Grand Prize must be accepted on 9/19/21. See Official Rules at Emmys.Ketelone.com for details, including full prize restrictions and odds of winning.
Sponsor: Diageo Americas, Inc., New York, NY.

About Ketel One Family Made Vodka

Ketel One Family Made Vodka
is inspired by 330 years and 11 generations of the Nolet Family’s distilling expertise. Ketel One is crafted using only the highest-quality ingredients, including 100% non-GMO grain and is completely gluten-free. That quality has led to global recognition with Drinks International as a top ten bartenders’ choice of vodka, the number one best-selling vodka in the world’s best bars for the ninth consecutive year, and the number one trending vodka in the world’s best bars for the seventh consecutive year (Drinks International Brands Report, 2020). Ketel One continues to toast to the artists, trailblazers and innovators in the entertainment industry, inspiring them to inspire others. Follow Ketel One Family Made Vodka on Instagram for additional inspiration and information: @KetelOne_US.

About Diageo
Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, Bulleit and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness. Diageo is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE) and our products are sold in more than 180 countries around the world. For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo’s global responsible drinking resource, www.DRINKiQ.com, for information, initiatives, and ways to share best practice.

Follow us on Twitter for news and information about Diageo North America: @Diageo_NA.
Celebrating life, every day, everywhere.

Media Contacts:
Diageo
Michelle Gattenio
[email protected]

Bullfrog + Baum
Aviva Taeidkashani / Breck Rochow
[email protected]

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SOURCE Ketel One Family Made Vodka

August 12, 2021 8:18 am

AdTheorent Recognized for Programmatic Marketing Innovation in 2021 For Second Consecutive Year in MarTech Breakthrough Awards Program

Company recognized for its advanced machine learning capabilities and privacy-forward approach

PR Newswire

NEW YORK, Aug. 12, 2021 /PRNewswire/ — AdTheorent, Inc., a programmatic digital advertising leader using advanced machine learning technology and solutions to deliver real-world value for advertisers and marketers, today announced that it has been selected as the winner of the “Programmatic Marketing Innovation” award in the MarTech Breakthrough Awards program conducted by MarTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global marketing, sales and advertising technology industry today.

AdTheorent’s privacy-forward programmatic marketing platform uses market-leading data science and machine learning (ML) capabilities to deliver client-specific business outcomes for top brands. AdTheorent’s proprietary suite of tools and methodologies maximize campaign performance and drive superior ROI for advertisers.

Operating at massive scale, AdTheorent’s platform optimizes ad targeting by evaluating and assigning predictive scores to more than 87 billion impressions daily, bidding on less than .01% of impressions scored. AdTheorent’s data scientists have deep experience using ML tools such as Python, R., Scala and Spark to build and manage more than 1,000 individual ML models at any given moment. For each campaign, AdTheorent’s data scientists build and deploy into AdTheorent’s platform custom ML models tailored to drive business goals designated by customers.

“AdTheorent’s Predictive Advertising approach operationalizes ML models and predictive decisioning as part of its core bidding framework, using custom ML models to reach consumers with the highest likelihood of completing advertiser-specific outcomes without relying on user-specific personal profiles and individualized data,” said Jim Lawson, CEO of AdTheorent. “AdTheorent’s privacy-forward approach is well-suited for the future as individual user identifiers such as cookies and device IDs become less available for advertisers. We are grateful to be honored again by MarTech Breakthrough for our innovation and achievement in programmatic advertising.”

The mission of the MarTech Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of marketing, sales and advertising technology related categories, including marketing automation, market research and customer experience, AdTech, SalesTech, marketing analytics, content and social marketing, mobile marketing and many more. This year’s program attracted more than 2,850 nominations from over 17 different countries throughout the world.

“Targeting digital ads programmatically without relying on user-specific personal profiles and individualized data is only truly possible with advanced machine learning. AdTheorent’s privacy-forward platform delivers on this potential, changing what digital ad targeting can be.” said James Johnson, Managing Director at MarTech Breakthrough. “AdTheorent’s machine learning platform is a ‘breakthrough’ system in the advertising market today and we are thrilled to recognize them this year with our ‘Programmatic Marketing Innovation’ award.”

About AdTheorent
AdTheorent uses advanced machine learning technology and solutions to deliver impactful advertising campaigns for marketers. AdTheorent’s industry-leading machine learning platform powers its predictive targeting, geo-intelligence, audience extension solutions and in-house creative capability, Studio A\T. Leveraging only non-sensitive data and focused on the predictive value of machine learning models, AdTheorent’s product suite and flexible transaction models allow advertisers to identify the most qualified potential consumers coupled with the optimal creative experience to deliver superior results, measured by each advertiser’s real-world business goals.

AdTheorent is consistently recognized with numerous technology, product, growth and workplace awards. AdTheorent was awarded “Best AI-Based Advertising Solution” (AI Breakthrough Awards) and “Most Innovative Product” (B.I.G. Innovation Awards) for four consecutive years. Additionally, AdTheorent is the only five-time recipient of Frost & Sullivan’s “Digital Advertising Leadership Award.” AdTheorent is headquartered in New York, with fourteen offices across the United States and Canada. For more information, visit adtheorent.com. On July 27, 2021, AdTheorent and MCAP Acquisition Corporation (NASDAQ: MACQ) (“MCAP”), a publicly-traded special purpose acquisition company, sponsored by an affiliate of Chicago-based asset manager Monroe Capital LLC, entered into a definitive business combination agreement in which AdTheorent will be merged with MCAP. Upon closing of the transaction, the combined company will be named AdTheorent, Inc. and it is expected to remain listed on the NASDAQ Capital Market. For more information visit: https://www.mcapacquisitioncorp.com/

About MarTech Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the MarTech Breakthrough Awards program is devoted to honoring excellence in marketing, ad and sales technology companies, products and people. The MarTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough marketing technology companies and products in categories including marketing automation, AdTech, SalesTech, marketing analytics, CRM, content and social marketing, website, SEM, mobile marketing and more. For more information, visit MarTechBreakthrough.com.

IMPORTANT INFORMATION FOR SHAREHOLDERS AND INVESTORS

In connection with the proposed merger with AdTheorent, Inc. (“AdTheorent”), MCAP Acquisition Corporation (“MCAP”) intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”) that will include a proxy statement/prospectus of MCAP, and will file other documents regarding the proposed transaction with the SEC. Before making any voting or investment decision, investors and stockholders of AdTheorent and MCAP are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed AdTheorent, MCAP and the proposed business combination transaction. The documents filed by MCAP with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to MCAP Acquisition Corporation, 311 South Wacker Drive, Suite 6400, Chicago, Illinois 60606.

Participants in the Solicitation

MCAP, AdTheorent and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies from MCAP’s stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in MCAP will be included in the proxy statement/prospectus for the proposed business combination when available at www.sec.gov. Information about MCAP’s directors and executive officers and their ownership of MCAP common stock is set forth in MCAP’s prospectus, dated February 25, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation (including AdTheorent and its members and executive officers) will be included in the proxy statement/prospectus pertaining to the proposed business combination when it becomes available. These documents can be obtained free of charge as indicated above.

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SOURCE AdTheorent, Inc.

August 12, 2021 8:18 am

First Solar Commits to Science-Based Emissions Targets, Net Zero Emissions by 2050

Action aligns emissions reduction targets with levels needed for global transition to net-zero economy

TEMPE, Ariz., Aug. 12, 2021 (GLOBE NEWSWIRE) — First Solar, Inc. (Nasdaq: FSLR) today announced a commitment to reduce its absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 20 percent by 2028, relative to its emissions in 2020. It has also committed to achieving net zero emissions by 2050 at the latest.

The science-based targets further the company’s previous 2021 GHG intensity reduction target, which was achieved three years in advance of its commitment. These new targets are in line with international efforts to limit the global temperature rise to below two degrees Celsius and pursuing efforts to limit it to 1.5 degrees Celsius above pre-industrial levels. Scope 1 accounts for direct GHG emissions from company-owned and controlled resources, while Scope 2 accounts for indirect GHG emissions from the generation of purchased electricity consumed by the company.

Every year, First Solar products deployed globally are displacing more than ten times the amount of greenhouse gas emissions the company emits through its global operations and supply chain, assuming average worldwide irradiance and grid electricity emissions. The company’s advanced photovoltaic (PV) modules feature the industry’s smallest carbon and water footprints, and fastest energy payback time.

“As this week’s report from the Intergovernmental Panel on Climate Change showed, we need to treat the threat of climate change with a sense of urgency and do more than simply our part to accelerate the transition to a net-zero economy,” said Mark Widmar, chief executive officer, First Solar. “The solar industry is on the forefront of the fight against climate change and has a responsibility to lead by example. While First Solar’s technology addresses the need to decarbonize the global energy portfolio with ultra-low carbon solar, today, we’re stepping up and pledging to reduce our already-low emissions to zero by 2050.”

This commitment is a continuation of First Solar’s progress. Since 2008, company-wide GHG emissions intensity decreased by approximately 77% as a result of increased module efficiency, manufacturing throughput, and capacity utilization, decreased emissions intensity of purchased grid electricity, along with energy conservation and low carbon initiatives. In 2020, the company’s GHG emissions intensity decreased by 31% compared to 2019 primarily due to the greater throughput and enhanced energy efficiency of its Series 6 module manufacturing process.

First Solar aims to achieve its science-based targets through increased energy efficiency, going 100% renewable across its US operations by 2026 and globally by 2028, working on enabling the offsite solar market in Malaysia and Vietnam, and purchasing bundled RECs and offsets as a last resort, as outlined in its recently published 2021 Sustainability Report. The report was developed in accordance with the Global Reporting Initiative’s (GRI) Core Sustainability Reporting Standards and incorporates metrics from the Sustainability Accounting Standards Board (SASB) solar, as referenced in the sustainability leadership standard for PV modules and inverters (NSF/ANSI 457 – 2019).

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning First Solar’s commitment to reduce its absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 20 percent by 2028, relative to its emissions in 2020, and to achieving net zero emissions by 2050 at the latest. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

Media

Reuven Proença

First Solar Media
[email protected]

Investors

Mitchell Ennis

First Solar Investor Relations
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a664bbc1-6a89-4f33-b69b-bf27ece2816e.

August 12, 2021 8:18 am

Energy Focus, Inc. Reports Second Quarter 2021 Financial Results

Energy Focus, Inc. Reports Second Quarter 2021 Financial Results

Company Increases Focus on Consumer Market, Leveraging New Consumer-Oriented Products and Ongoing Innovation, in Response to Ongoing COVID-19 Pandemic Impact on Its Customers

Conference Call to be Held Today at 11 a.m. ET

SOLON, Ohio–(BUSINESS WIRE)–
Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and developer of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its second quarter ended June 30, 2021.

Second Quarter 2021 and Subsequent Business Highlights:

Net sales of $2.1 million, a decrease of 37.8% compared to the second quarter of 2020 and a decrease of 21.4% sequentially from the first quarter of 2021, reflecting fluctuations in timing of military orders and funding availability, and continued COVID-19-related challenges and delays, particularly for its commercial sector customers
Loss from operations of $2.2 million, compared to a loss from operations of $0.9 million in the second quarter of 2020 and sequentially to a loss from operations of $2.3 million in the first quarter of 2021
Net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock, compared to a net loss of $4.3 million, or $(1.36) per basic and diluted share of common stock, in the second quarter of 2020. Sequentially, the net loss increased by $0.8 million compared to net loss of $1.6 million, or $(0.45) per basic and diluted share of common stock, inclusive of a $0.8 million non-cash gain from the forgiveness of the Paycheck Protection Program (“PPP”) loan, in the first quarter of 2021
Strengthened balance sheet with net proceeds of $4.5 million from an equity financing and net proceeds of $1.5 million from a bridge financing, and increased its inventory-based line of credit capacity by $0.5 million, increasing overall liquidity
Cash of $1.3 million as of June 30, 2021, compared to $1.8 million as of December 31, 2020

“Our second quarter results were impacted by the military market that experienced funding delays and from the continued weakness in our commercial lighting retrofit market, although we have already seen a few orders so far in the third quarter that we believe represent opportunities delayed from the first half of 2021” commented James Tu, Chairman and CEO of Energy Focus, Inc. “The pandemic has continued to exert unprecedented impacts on our commercial and, to a lesser extent, military lighting retrofit customers. Therefore, in addition to continuing to expand our sales team and outreach campaigns for our existing business, since second quarter 2020, we have been enhancing our focus on developing new and innovative products for the consumer market as well. Consumer spending has been, in many ways, positively impacted by the pandemic, as homebound consumers seek to improve their homes and make their homes and home offices more comfortable and productive. We believe that our award-winning, patented Suncycle^TM lighting control system, which we plan to launch in late 2021 to early 2022, has the potential to vastly improve the lighting experience at home by providing high-quality, dimmable, color tunable and autonomous circadian lighting in an affordable, user-friendly and cyber-secure manner with only simple swaps of wall switches and lamps.”

“In addition, we are excited about our portable nUVo^TM air disinfection devices, which should go on sale by the end of the third quarter of 2021, including nUVo^TM Tower, a powerful disinfection device for larger spaces, and nUVo^TM Traveler, a tumbler-sized portable UV-C disinfection device that is ideal for vehicles and other personal spaces,” commented Mr. Tu. “All these products have been developed by leveraging our extensive experience in advanced lighting technologies as well as our engineering capability to think outside-of-the-box and innovate to bring advancements to human safety, health and well-being at home.”

“In the meantime, we have also been expanding our channel partnerships to distribute these impactful human-centric lighting products, notably by signing a marketing partnership with FirstEnergy Home and FirstEnergy Advisors, for both our lighting and UVCD products, and a distribution agreement with threeUV, a leading UV product distributor for the public and institutional sectors,” Mr. Tu added.

“We anticipate our military market will improve in the second half of the year as funding becomes available, and we believe that our strategy to focus on leading the sales activities with our unique offerings such as RedCap^® and EnFocus^TM, as well as our newly launched products for both consumer and commercial markets, will lead to recovering sales during the second half of 2021,” concluded Mr. Tu.

Second Quarter 2021 Financial Results:

Net sales were $2.1 million for the second quarter of 2021, compared to $3.3 million in the second quarter of 2020, a decrease of 37.8%. Net sales from commercial products were $1.1 million, or 52.0% of total net sales, for the second quarter of 2021, flat as compared to $1.1 million, or 31.7% of total net sales, in the second quarter of 2020, reflecting the continued impact of the COVID-19 pandemic and continued customer interruptions and project delays. Net sales from military maritime products were $1.0 million, or 48.0% of total net sales, for the second quarter of 2021, compared to $2.3 million, or 68.3% of total net sales, in the second quarter of 2020, primarily due to the availability of government funding and the delayed timing of orders. Sequentially, net sales were down 21.4% compared to $2.6 million in the first quarter of 2021, reflecting primarily the timing fluctuations of expected military orders as well as the continued impact of the COVID-19 pandemic, particularly for our customers in the commercial market.

Gross profit was $0.4 million, or 18.9% of net sales, for the second quarter of 2021. This compares with gross profit of $1.3 million, or 40.3% of net sales, in the second quarter of 2020. Sequentially, this compares with gross profit of $0.6 million, or 21.0% of net sales, in the first quarter of 2021. Gross margin for the second quarter of 2021 was positively impacted by favorable price and usage variances for material and labor of $0.4 million, partially offset by low sales, which impacted our gross profit rate. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 17.6% for the second quarter of 2021, compared to 33.0% in the second quarter of 2020 and 24.3% in the first quarter of 2021, primarily being driven by product mix in the military maritime product sales during the second quarter of 2021 as compared to the second quarter of 2020 and first quarter of 2021, as well as low sales in the second quarter of 2021.

Operating loss was $2.2 million for the second quarter of 2021, compared to an operating loss of $0.9 million in the second quarter of 2020. Sequentially, this compares to an operating loss of $2.3 million in the first quarter of 2021. Net loss was $2.5 million, or $(0.59) per basic and diluted share of common stock, for the second quarter of 2021, compared with a net loss of $4.3 million, or $(1.36) per basic and diluted share of common stock, in the second quarter of 2020. Sequentially, this compares with a net loss of $1.6 million, or $(0.45) per basic and diluted share of common stock, in the first quarter of 2021, which was inclusive of a favorable $0.8 million non-cash, pre-tax gain resulting from the forgiveness of the PPP loan during the first quarter.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $2.0 million for the second quarter of 2021, compared with a loss of $0.7 million in the second quarter of 2020 and a loss of $2.0 million in the first quarter of 2021. The increased adjusted EBITDA loss in the second quarter of 2021, as compared to the second quarter of 2020, was primarily due to a combination of gross margin fluctuation and higher operating expenses due to our investment for future growth primarily in the areas of sales and engineering personnel.

Cash was $1.3 million as of June 30, 2021. This compares with cash of $1.8 million as of December 31, 2020. As of June 30, 2021, the Company had total availability, as defined under “Non-GAAP Measures” below, of $4.1 million, which consisted of $1.3 million of cash and $2.8 million of additional borrowing availability under its credit facilities. This compares to total availability of $3.9 million as of June 30, 2020 and total availability of $1.2 million as of March 31, 2021. Our net inventory balance of $8.1 million as of June 30, 2021, increased $2.4 million over our net inventory balance as of December 31, 2020. This increase primarily relates to global supply chain challenges, which are impacting our inventory purchasing strategy, leading to a buildup of inventory and inventory components in an effort to manage both shortages of available components and longer lead times in obtaining components. Our accounts payable balance as of June 30, 2021 increased by $0.4 million over December 31, 2020, primarily related to this inventory buildup.

Financings:

In June 2021, we completed a registered direct offering of 990,100 shares of our common stock to certain institutional investors, at a purchase price of $5.05 per share. Net proceeds to us, after $0.5 million in expenses, were $4.5 million.

In April 2021, the Company expanded its inventory line of credit availability by $0.5 million. The Company has two debt financing arrangements that mature on August 11, 2022, consisting of a two-year inventory financing facility for up to $3.5 million (following the increase), and a two-year receivables financing facility for up to $2.5 million. Also during April 2021, the Company secured net proceeds of $1.5 million, after expenses of $0.2 million, from a bridge financing.

Earnings Conference Call:

The Company will host a conference call and webcast today, August 12, 2021, at 11 a.m. ET to discuss the second quarter 2021 results, followed by a Q & A session.

You can access the live conference call by dialing the following phone numbers:

Toll free 1-877-300-8521 or
International 1-412-317-6026
Conference ID# 10159037

The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: http://public.viavid.com/index.php?id=145969. The webcast will be available at this link through August 27, 2021. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus^TM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products, announced in late 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward-Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their appeal compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies, services and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine and other logistics channels; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower prices or cost structures, or greater resources, or more rapid development efforts, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to match the sales reach of larger, established competitors; (xvii) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) general economic conditions in the United States and in other markets in which we operate or secure products; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends; (xxiii) our ability to fulfill our warranty obligations with safe and reliable products; (xxiv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxv) any flaws or defects in our products or in the manner in which they are used or installed; (xxvi) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxvii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxviii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxix) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxx) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.


Condensed Consolidated Balance Sheets
(in thousands)

	June 30, 2021		December 31, 2020
	(Unaudited)
ASSETS
Current assets:
Cash	$	1,327	$	1,836
Trade accounts receivable, less allowances of $16 and $8, respectively	1,149		2,021
Inventories, net	8,129		5,641
Short-term deposits	908		796
Prepaid and other current assets	810		782
Total current assets	12,323		11,076

Property and equipment, net	531		420
Operating lease, right-of-use asset	548		794
Restructured lease, right-of-use asset	—		107
Total assets	$	13,402	$	12,397

LIABILITIES
Current liabilities:
Accounts payable	$	2,846	$	2,477
Accrued liabilities	101		45
Accrued legal and professional fees	38		149
Accrued payroll and related benefits	685		885
Accrued sales commissions	49		95
Accrued restructuring	—		11
Accrued warranty reserve	239		227
Deferred revenue	71		72
Operating lease liabilities	621		598
Restructured lease liabilities	—		168
Finance lease liabilities	2		3
Streeterville note, net of discount and loan origination fees	1,527		—
PPP loan	—		529
Credit line borrowings, net of loan origination fees	1,573		2,298
Total current liabilities	7,752		7,557


Condensed Consolidated Balance Sheets
(in thousands)

	June 30, 2021			December 31, 2020
	(Unaudited)
Operating lease liabilities, net of current portion	34			318
Finance lease liabilities, net of current portion	—			1
PPP loan, net of current maturities	—			266
Streeterville note, net of current maturities	13			—
Total liabilities	7,799			8,142

STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.0001 per share:
Authorized: 5,000,000 shares (3,300,000 shares designated as Series A Convertible Preferred Stock) at June 30, 2021 and December 31, 2020
Issued and outstanding: 876,447 at June 30, 2021 and 2,597,470 at December 31, 2020	—			—
Common stock, par value $0.0001 per share:
Authorized: 50,000,000 shares at June 30, 2021 and December 31, 2020
Issued and outstanding: 5,085,274 at June 30, 2021 and 3,525,374 at December 31, 2020	—			—
Additional paid-in capital	140,576			135,113
Accumulated other comprehensive loss	(3		)	(3		)
Accumulated deficit	(134,970		)	(130,855		)
Total stockholders’ equity	5,603			4,255
Total liabilities and stockholders’ equity	$	13,402		$	12,397


Condensed Consolidated Statements of Operations
*(in thousands, except per share data)*
*(unaudited)*

	Three months ended									Six months ended June 30,
	June 30, 2021			March 31, 2021			June 30, 2020			2021			2020
Net sales	$	2,074		$	2,637		$	3,335		$	4,711		$	7,118
Cost of sales	1,681			2,084			1,992			3,765			4,743
Gross profit	393			553			1,343			946			2,375

Operating expenses:
Product development	370			653			313			1,023			595
Selling, general, and administrative	2,268			2,218			1,973			4,486			4,000
Restructuring	(3		)	(19		)	(14		)	(22		)	(28		)
Total operating expenses	2,635			2,852			2,272			5,487			4,567
Loss from operations	(2,242		)	(2,299		)	(929		)	(4,541		)	(2,192		)

Other expenses (income):
Interest expense	216			127			87			343			220
Gain on forgiveness of debt	—			(801		)	—			(801		)	—
Loss from change in fair value of warrants	—			—			3,300			—			2,427
Other expenses	15			17			24			32			42
Net loss	$	(2,473	)	$	(1,642	)	$	(4,340	)	$	(4,115	)	$	(4,881	)

Net loss per common share attributable to common stockholders – basic:
From operations	$	(0.59	)	$	(0.45	)	$	(1.36	)	$	(1.05	)	$	(1.55	)

Weighted average shares of common stock outstanding:
Basic and diluted *	4,211			3,612			3,192			3,913			3,139

*Shares outstanding for the three and six months ended June 30, 2020 have been restated for the 1-for-5 reverse stock split effective June 11, 2020.


Condensed Consolidated Statements of Cash Flows
*(in thousands)*
*(unaudited)*
	Three months ended									Six months ended June 30,
	June 30, 2021			March 31, 2021			June 30, 2020			2021			2020
Cash flows from operating activities:
Net loss	$	(2,473	)	$	(1,642	)	$	(4,340	)	$	(4,115	)	$	(4,881	)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on forgiveness of PPP loan	—			(801		)	—			(801		)	—
Depreciation	53			47			46			100			92
Stock-based compensation	208			140			41			348			61
Change in fair value of warrant liabilities	—			—			3,300			—			2,427
Provision for doubtful accounts receivable	2			6			—			8			(12		)
Provision for slow-moving and obsolete inventories	(28		)	89			(241		)	61			(319		)
Provision for warranties	—			12			(24		)	12			20
Amortization of loan discounts and origination fees	59			38			38			97			76
Changes in operating assets and liabilities (sources / (uses) of cash):
Accounts receivable	358			532			(614		)	890			(169		)
Inventories	(586		)	(1,963		)	(959		)	(2,549		)	587
Short-term deposits	137			12			25			149			(215		)
Prepaid and other assets	(32		)	4			(36		)	(28		)	17
Accounts payable	(869		)	951			1,429			82			1,277
Accrued and other liabilities	(149		)	(209		)	71			(358		)	293
Deferred revenue	(2		)	1			57			(1		)	43
Total adjustments	(849		)	(1,141		)	3,133			(1,990		)	4,178
Net cash used in operating activities	(3,322		)	(2,783		)	(1,207		)	(6,105		)	(703		)
Cash flows from investing activities:
Acquisitions of property and equipment	(102		)	(109		)	(71		)	(211		)	(118		)
Net cash used in investing activities	(102		)	(109		)	(71		)	(211		)	(118		)


Condensed Consolidated Statements of Cash Flows – continued
*(in thousands)*
*(unaudited)*
	Three months ended									Six months ended June 30,
	June 30, 2021			March 31, 2021			June 30, 2020			2021			2020
Cash flows from financing activities (sources / (uses) of cash):
Proceeds from the issuance of common stock and warrants	5,000			—			—			5,000			2,750
Proceeds from the exercise of warrants	—			527			51			527			51
Offering costs paid on the issuance of common stock and warrants	(469		)	—			—			(469		)	(474		)
Proceeds from PPP loan	—			—			795			—			795
Principal payments under finance lease obligations	(1		)	(1		)	(1		)	(2		)	(2		)
Proceeds from exercise of stock options and employee stock purchase plan purchases	59			—			30			59			30
Common stock withheld in lieu of income tax withholding on vesting of restricted stock units	—			(2		)	(3		)	(2		)	(3		)
Proceeds from the Streeterville note	1,515			—			—			1,515			—
Payments on the Iliad note	—			—			(300		)	—			(526		)
Deferred financing costs	(30		)	—			—			(30		)	—
Net proceeds from credit line borrowings – AFS	—			—			522			—			577
Net (payments) proceeds from the credit line borrowings – Credit Facilities	(1,871		)	1,080			—			(791		)	—
Net cash provided by financing activities	4,203			1,604			1,094			5,807			3,198

Net increase (decrease) in cash and restricted cash	779			(1,288		)	(184		)	(509		)	2,377
Cash and restricted cash, beginning of period	890			2,178			3,253			2,178			692
Cash and restricted cash, end of period	$	1,669		$	890		$	3,069		$	1,669		$	3,069

Classification of cash and restricted cash:
Cash	$	1,327		$	548		$	2,727		$	1,327		$	2,727
Restricted cash held in other assets	342			342			342			342			342
Cash and restricted cash	$	1,669		$	890		$	3,069		$	1,669		$	3,069


Sales by Product
*(in thousands)*
*(unaudited)*

	Three months ended							Six months ended June 30,
	June 30, 2021		March 31, 2021		June 30, 2020			2021		2020
Net sales:
Commercial	$	1,078	$	913	$	1,058	Total net sales	$	1,991	$	2,794
MMM products	996		1,724		2,277			2,720		4,324
Total net sales	$	2,074	$	2,637	$	3,335		$	4,711	$	7,118

Non-GAAP Measures

In addition to the results in this release that are presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), we provide certain non-GAAP measures, which present operating results on an adjusted basis. These non-GAAP measures are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and, include:

total availability, which we define as our ability on the period end date to access additional cash if necessary under our short-term credit facilities, plus the amount of cash on hand on that same date;
adjusted EBITDA, which we define as net income (loss) before giving effect to restructuring expenses, financing charges, income taxes, non-cash depreciation, stock non-cash compensation, accrued incentive compensation, and change in fair value of warrant liability; and
adjusted gross margins, which we define as our gross profit margins during the period without the impact from excess and obsolete, in-transit and net realizable value inventory reserve movements that do not reflect current period inventory decisions.

We believe that our use of these non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on U.S. GAAP results and relative to other companies within the industry by isolating the effects of items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies, and to assess liquidity, cash flow performance of the operations, and the product margins of our business relative to our U.S. GAAP results and relative to other companies in the industry by isolating the effects of certain items that do not have a current period impact. However, our presentation of these non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. Further, there are limitations on the use of these non-GAAP measures to compare our results to other companies within the industry because they are not necessarily standardized or comparable to similarly titled measures used by other companies. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance.

Total availability, adjusted EBITDA and adjusted gross margins do not represent cash generated from operating activities in accordance with U.S. GAAP, are not necessarily indicative of cash available to fund cash needs and are not intended to and should not be considered as alternatives to cash flow, net income and gross profit margins, respectively, computed in accordance with U.S. GAAP as measures of liquidity or operating performance. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below for total availability, adjusted EBITDA and adjusted gross margins, respectively.


	As of
*(in thousands)*	June 30, 2021			March 31, 2021			June 30, 2020
Total borrowing capacity under credit facilities	$	4,490		$	4,250		$	2,566
Less: Credit line borrowings, gross*	(1,698		)	(3,561		)	(1,397		)
Excess availability under credit facilities**	2,792			689			1,169
Cash	1,327			548			2,727
Total availability***	$	4,119		$	1,237		$	3,896

*Forms 10Q and 10K Balance Sheets reflect the Line of credit net of debt financing costs of $169, $123 and $66, respectively.

**Excess availability under credit facility – represents difference between maximum borrowing capacity of credit facility and actual borrowings

*** Total availability- represents Company’s ‘access’ to cash if needed at point in time


	Three months ended									Six months ended June 30,
*(in thousands)*	June 30, 2021			March 31, 2021			June 30, 2020			2021			2020
Net loss	$	(2,473	)	$	(1,642	)	$	(4,340	)	$	(4,115	)	$	(4,881	)
Restructuring recovery	(3		)	(19		)	(14		)	(22		)	(28		)
Net loss, excluding restructuring	(2,476		)	(1,661		)	(4,354		)	(4,137		)	(4,909		)
Interest	216			127			87			343			220
Gain on forgiveness of PPP loan	—			(801		)	—			(801		)	—
Depreciation	53			47			46			100			92
Stock-based compensation	208			140			41			348			61
Change in fair value of warrant liability	—			—			3,300			—			2,427
Other incentive compensation	12			118			134			130			273
Adjusted EBITDA	$	(1,987	)	$	(2,030	)	$	(746	)	$	(4,017	)	$	(1,836	)


	Three Months Ended
*(in thousands)*	June 30, 2021						March 31, 2021				June 30, 2020
	($)			(%)			($)		(%)		($)			(%)
Net sales	$	2,074					$	2,637			$	3,335
Reported gross profit		393		18.9		%		553	21.0	%		1,343		40.3		%
E&O, in-transit and net realizable value inventory reserve changes		(28	)	(1.4	)	%		89	3.4	%		(241	)	(7.2	)	%
Adjusted gross margin	$	365		17.6		%	$	642	24.3	%	$	1,102		33.0		%

View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005044/en/

Investor Contact:

Brett Maas

(646) 536-7331

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Alternative Energy Energy Environment Other Energy Utilities

MEDIA:

August 12, 2021 8:14 am

Tower 68 Financial Advisors Launches With Support of LPL Strategic Wealth Services

CHARLOTTE, N.C., Aug. 12, 2021 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA) today announced that the team at Tower 68 Financial Advisors, led by founder and CEO Ken South, has launched a new independent practice through affiliation with LPL Financial’s Strategic Wealth Services (SWS) model designed to support the unique needs of breakaway advisors. The team reported having served approximately $550 million in advisory, brokerage and retirement plan assets*. They join LPL from Oppenheimer.

South, who spent his teen years as an ocean lifeguard at Tower 68 in Newport Beach, Calif., started his career in the financial services industry in 1985 before founding his solo practice in 2006. He is now joined at Tower 68 Financial Advisors by Chief Operating Officer Steve Arcos and an experienced operational support team. They take pride in personally managing and handpicking portfolios, which are customized to fit each client’s personality and needs. South, who teaches stocks and bonds to high school senior economics students, also implements financial education and coaching within the practice to help clients understand the big picture of their finances.

In choosing a name for their new practice, South and the team recognized the parallels between lifeguards and financial professionals. He said, “As a former lifeguard, no one knew that beach as well as I did. It was my job to protect people and keep them from harm’s way. That’s what we do as advisors—we take care of our clients and do what’s right for their financial futures.”

After substantial research and due diligence, the team turned to LPL to help elevate the client experience and take their practice to the next level. “LPL provides our clients with an incredibly robust online experience. The simplified, intuitive technology gives clients the tools and resources they need to be able to view their entire portfolio and easily upload information,” South said. “My team also believes that LPL’s trading platform is second to none. We can manage trades with complete objectivity, allowing us to put our clients’ best interests at the forefront of everything we do.”

Committed support from LPL Strategic Wealth Services

“We’re also excited about the depth of dedicated support provided by the SWS model,” South said. “We’ve built great relationships with LPL’s SWS staff, who we consider an extended part of our team, and they provide strategic coaching and expertise in areas that are not my core competencies.”

In addition to having access to LPL’s integrated wealth management platform and sophisticated resources needed to run a thriving practice, SWS teams also receive an additional layer of ongoing, personalized support for daily operations and long-term business management. From the very beginning, SWS bridges the transition to independence by providing dedicated launch support, including real estate build-out, brand development, technology setup and HR services. After the transition, the value of the SWS model shifts to the ongoing strategic, administrative, marketing and CFO support that allows advisors to stay focused on the enduring needs of their clients, culture and evolution of their practice.

“I can’t stress enough the joy derived from enhancing our practice and creating differentiated experiences for our clients. Their happiness and financial wellbeing are what is most important,” South said.

Scott Posner, LPL executive vice president, Business Development, said, “It is our honor to have Ken and the experienced team at Tower 68 join the LPL community. We congratulate them on their new independent practice and are committed to supporting them as they embark on this new and exciting journey. At LPL, we constantly strive to innovate our technology and solutions to help our advisors differentiate their practice and enhance their clients’ lives. Our SWS platform and business resources empower advisors to grow their business and elevate client experience. In addition, our advisors will have our full, personalized support every step of the way. We extend a warm welcome to the Tower 68 team and look forward to a long-lasting partnership with them.”

Learn more about Tower 68. Read about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com.

Advisors, find an LPL business development representative near you.

About LPL Financial:

LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader** in the markets we serve, supporting more than 19,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.

**Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 as of June 2021

Securities and advisory services offered through LPL Financial LLC, an SEC- registered broker-dealer and investment advisor. Member FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Tower 68 Financial Advisors and LPL Financial are separate entities.

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Media Contact:

Lauren Hoyt-Williams
(980) 321-1232
[email protected]

August 12, 2021 8:10 am

Long-time energy partners Irving Oil and TC Energy strike a made-in-Canada agreement focused on reducing emissions and creating new value

PR Newswire

SAINT JOHN, NB, Aug. 12, 2021 /PRNewswire/ – TC Energy Corporation (TSX: TRP) (NYSE: TRP) (TC Energy) and privately held Irving Oil have signed a memorandum of understanding (MOU) to explore the joint development of a series of proposed energy projects focused on reducing greenhouse gas emissions and creating new economic opportunities in New Brunswick and Atlantic Canada.

Together, the two energy companies have identified a series of potential projects for exploration focused on decarbonizing current assets and deploying emerging technologies to reduce overall emissions. The partnership’s initial focus will consider a suite of upgrade projects at Irving Oil’s refinery in Saint John, New Brunswick, with the goal of significantly reducing emissions through the production and use of low-carbon power generation.

The partnership will also explore opportunities that will aid in decarbonizing local industry over the medium- and long-term time horizons via the production and distribution of low emission hydrogen, coupled with a world class carbon capture and sequestration network. The partnership will target industry solutions that will lower the emissions in the region to align with carbon reduction goals and enhance the opportunities for future development in Atlantic Canada.

Irving Oil and TC Energy have a long history of working together, including on the development and operation of Grandview Cogeneration, a 90 MW low-carbon power plant located inside the Saint John refinery. Commissioned in 2005, Grandview Cogeneration helped to significantly reduce the carbon intensity of the Saint John refinery, resulting in up to 750,000 tonnes of avoided greenhouse gas emissions and positioning the facility in the top-tier of global refineries.

A made-in-Canada opportunity, Irving Oil and TC Energy will leverage their combined industry expertise, relationships and infrastructure to support a significant reduction in greenhouse gas emissions, create new job opportunities and help to position New Brunswick and Atlantic Canada for future growth through the energy transition.

“We are pleased to be working in partnership with TC Energy as we embrace the changing energy needs of our customers and a more sustainable energy future,” says Irving Oil President Ian Whitcomb. “In combining and integrating the strengths of our companies – and with a deep history in the energy sector – we are uniquely positioned to develop innovative solutions and adopt green technologies while continuing to provide a secure supply of energy in the regions where we operate.”

“Through collaboration with industry partners, and by leveraging our irreplaceable infrastructure, we can contribute meaningful advancements toward the energy future while providing the safe, reliable energy people need every day,” says François Poirier, Chief Executive Officer and President, TC Energy.

“Our company is on a continuous journey to reduce our environmental footprint while meeting the energy needs of our customers, today and tomorrow,” says Irving Oil Executive Vice President and Chief Brand Officer Sarah Irving. “We are proud to continue to invest in our region, supporting economic growth locally, provincially and nationally while adapting our business for the future.”

The scope, timelines, and cost estimates of these joint initiatives will be subject to the outcome of feasibility studies and pending regulatory processes.

About Irving Oil

Irving Oil is an international energy company with a commitment to doing good business grounded in the values we uphold. Founded in 1924, Irving Oil operates Canada’s largest refinery in Saint John, New Brunswick, along with more than 900 fuelling locations and a network of terminals spanning Eastern Canada and New England. We also operate Ireland’s only refinery, located in the village of Whitegate. In 2019, Irving Oil expanded its presence in Ireland by acquiring Top Oil, a leading supplier of home heating oil, petrol and diesel fuel. We are on a continuous journey of sustainable development while meeting the evolving energy needs of our customers. Named one of Canada’s Top 100 Employers for five consecutive years, we have a strong customer and community focus and are committed to growing for tomorrow. To learn more, visit us at irvingoil.com.

About TC Energy

We are a vital part of everyday life — delivering the energy millions of people rely on to power their lives in a sustainable way. Thanks to a safe, reliable network of natural gas and crude oil pipelines, along with power generation and storage facilities, wherever life happens — we’re there. Guided by our core values of safety, responsibility, collaboration and integrity, our 7,500 people make a positive difference in the communities where we operate across Canada, the U.S. and Mexico. TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

FORWARD-LOOKING INFORMATION

This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.

View original content:https://www.prnewswire.com/news-releases/long-time-energy-partners-irving-oil-and-tc-energy-strike-a-made-in-canada-agreement-focused-on-reducing-emissions-and-creating-new-value-301354295.html

SOURCE Irving Oil

August 12, 2021 8:10 am

Glia Partners with Duck Creek Technologies to Provide Enhanced Digital Customer Service Capabilities to P&C Insurers

Partnership enables agents and insureds to have more seamless, efficient experiences

PR Newswire

NEW YORK, Aug. 12, 2021 /PRNewswire/ — Glia, a leading provider of Digital Customer Service, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), a leading provider of SaaS insurance core systems, to offer Duck Creek’s customers Glia’s Digital Customer Service platform. This enables insurers to provide a significantly enhanced level of agent and customer service, reduce call times and boost efficiencies.

“There’s been a massive global shift towards self-service, often leaving agents and customers in need of help during more complex processes,” said Dan Michaeli, CEO and co-founder of Glia. “By partnering with Duck Creek, we can empower P&C insurance carriers to effectively serve agents and customers in the digital domain, delivering experiences that will differentiate and increase brand loyalty in this highly competitive market while reducing servicing costs. We’re excited to partner with Duck Creek, a leader and innovator in the insurance industry, helping them take a digital-first approach to agent and customer service.”

With Glia, Duck Creek can meet agents and customers where they are in the insurance process and support them through whichever methods they prefer – including messaging, voice, and video – and guide them using CoBrowsing. Glia will initially be available for the Duck Creek Producer solution to allow agents to access online digital support, and is easily extended to additional sales and customer support use cases. An Anywhere Enabled Integration is available on Duck Creek’s Content Exchange for customers to easily add Glia to their agent- and customer-facing portals. Glia and Duck Creek already have several mutual customers and look forward to bringing value together to many more.

“It’s now more important than ever for insurers to offer their agents and customers the digital-first customer experiences they have come to expect from all of the companies they do business with,” said Elizabeth Del Ferro, Vice President, Partner GTM at Duck Creek Technologies. “Delivering efficiency as well as satisfaction is critical to customer and producer retention, as well as growing books of business, and Duck Creek is thrilled to welcome Glia into our rapidly-growing partner ecosystem.”

About Glia

Glia is reinventing how businesses support their customers in a digital world. Glia’s solution enriches web and mobile experiences with digital communication choices, on-screen collaboration and AI-enabled assistance. Glia has partnered with nearly 200 banks, credit unions, insurance companies and other financial institutions across the globe to improve top and bottom-line results through Digital Customer Service. The company has won numerous awards for its innovation – most recently recognized by Gartner as a Cool Vendor for 2020, and raised over $100 million in funding from top investors. Visit www.glia.com to learn more.

About Duck Creek Technologies
Duck Creek Technologies (Nasdaq: DCT) is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.

Media Contact:
Maggie Wise
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/glia-partners-with-duck-creek-technologies-to-provide-enhanced-digital-customer-service-capabilities-to-pc-insurers-301353827.html

SOURCE Glia

August 12, 2021 8:10 am

Carvana Co. Announces Senior Notes Offering

Carvana Co. Announces Senior Notes Offering

PHOENIX–(BUSINESS WIRE)–
Carvana Co. (NYSE: CVNA), the leading eCommerce platform for buying and selling used cars, today announced it is planning to offer, subject to market conditions and other factors, $750.0 million in aggregate principal amount of Senior Notes due 2029 (the “notes”). Carvana intends to use the net proceeds for general corporate purposes.

The notes will not be registered under the Securities Act of 1933, as amended (“Securities Act”), or the securities laws of any other jurisdiction, and will not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. The offering of the notes will be made only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.

About Carvana (NYSE: CVNA)

Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 45,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s patented, automated Car Vending Machines.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Carvana’s current intentions, expectations or beliefs regarding the proposed notes offering. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Carvana does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005495/en/

Investor Relations:

Carvana

Mike Levin

[email protected]

Media Contact:

Carvana

Amy O’Hara

[email protected]

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Online Retail Aftermarket Retail Automotive General Automotive Technology Internet

MEDIA:

Logo

August 12, 2021 8:08 am

Corbus Pharmaceuticals Reports Second Quarter 2021 Financial Results and Provides Corporate Updates

Company focused on
gaining regulatory clarity for
late-stage
lenabasum
program
and
advancing
programs targeting the endocannabinoid system and
integrin
s into the clinic
Augmenting
the
pipeline through business development continues to be
a
priority
Cash and investments on hand of $
1
14
M
provides projected runway into
first quarter of 2024

Norwood, MA, Aug. 12, 2021 (GLOBE NEWSWIRE) — Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), an immunology company, today provided corporate updates and reported financial results for the second quarter of 2021.

Corporate
updates
:

Lenabasum: The primary endpoint in the DETERMINE Phase 3 study of lenabasum in dermatomyositis was not met, although evidence of activity was seen in multiple endpoints. The next step for this program is to reach agreement with the FDA on the potential path forward in dermatomyositis. The company expects topline data from the National Institutes of Health-sponsored Phase 2 study of lenabasum in systemic lupus erythematosus in Q4 2021.
Cannabinoid receptor type 1 (CB1) program: Corbus’ CB1 inverse agonists are in preclinical development for treatment of metabolic diseases. In an animal model of diet-induced obesity, our most advanced candidate (CRB-556) generates weight loss as a monotherapy, and its combination with a GLP-1 agonist resulted in greater weight loss than with the GLP-1 inhibitor alone. Program is on track for IND in 2022.
Cannabinoid receptor type 2 (CB2) program: Corbus’ CB2 agonists are in preclinical development for treatment of cancer in combination with existing therapies, such as checkpoint inhibitors. Corbus compounds inhibit tumor cells proliferation in vitro and have activity as monotherapy in animal models of cancer. Key preclinical data are expected in Q3 2021 that will guide the path to an IND.
Anti-TGFβ integrin monoclonal antibody (mAb) program:
- New data demonstrate CRB-601 is highly effective at inhibiting αvβ8-mediated activation of diffusible and non-diffusible TGFβ in vitro, has preliminary efficacy in the syngeneic animal model of lung cancer (Lewis lung carcinoma model), and appears to be significantly more effective (75x) in vitro than ADWA-11 (PF-06940434), an anti-αvβ8 mAb being tested in a Phase 1 study sponsored by Pfizer.
- CRB-601 is also up to 10x more potent in vitro than its precursor mAb, C6D4.
- Pre-IND work has commenced, and the program is on schedule for anticipated IND in late 2022.

CRB-602 (anti-αvβ6/8 mAb) for fibrotic diseases and cancer:
- CRB-602 inhibits both αvβ6 and αvβ8 and is in preclinical development for fibrotic diseases and cancer.
- Program is on schedule for an anticipated IND in early 2023.

Yuval Cohen, Ph.D., Chief Executive Officer said, “Corbus recently made significant progress on our plan to expand our pipeline by licensing two integrin-targeting mAbs that we believe offer a promising approach to inhibiting TGFβ. We are on track to progress these assets along with our small molecules that activate or inhibit the endocannabinoid system into the clinic next year.”

Dr. Cohen continued, “With our strong financial position of approximately $114M of cash and investments on hand, we have the resources in place to advance our diversified pipeline.”

Financial Results for First Quarter Ended
June
3
0
, 2021:

Revenue from awards and licenses was approximately $137,000 for the three months ended June 30, 2021, compared to approximately $286,000 in the comparable period in 2020.

Operating expenses decreased by $21.6 million to approximately $16.8 million for the three months ended June 30, 2021, compared to $38.4 million in the comparable period in the prior year. The decrease was primarily attributable to decreased clinical trial and drug manufacturing costs, and an overall reduction in compensation expense.

The Company reported a net loss of approximately $17.1 million, or a net loss per diluted share of $0.15, for the three months ended June 30, 2021, compared to a net loss of approximately $38.1 million, or a net loss per diluted share of $0.52, for the same period in 2020.

Subsequent to June 30th the Company received a refundable foreign tax credit of approximately $12.2 million. As of August 10, 2021, the company has $114.3 million of cash on hand which is expected to fund operations into the first quarter of 2024, based on the current planned expenditures.

About Corbus

Corbus is committed to connecting innovation to our purpose of improving lives by developing new medicines that target inflammation, fibrosis, metabolism and immuno-oncology, by building upon our underlying expertise in immunology. Corbus’ current pipeline includes small molecules that activate or inhibit the endocannabinoid system and anti-integrin monoclonal antibodies that block activation of TGFβ. Corbus is headquartered in Norwood, Massachusetts. For more information on Corbus, visit corbuspharma.com. Connect with us on Twitter, LinkedIn and Facebook.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s restructuring, trial results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, on our operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Corbus Pharmaceuticals Contact:

Lindsey Smith, Director, Investor Relations and Corporate Communications
Phone: +1 (617) 415-7749
Investors: [email protected]
Media: [email protected]

Corbus
Pharmaceuticals Holdings, Inc.

Condensed Consolidated Balance Sheets

	June 30, 2021 (Unaudited)			December 31, 2020

ASSETS
Current assets:
Cash and cash equivalents	$	36,080,292		$	85,433,441
Marketable securities		70,371,664			—
Restricted cash		100,000			350,000
Stock subscriptions receivable		–			960,033
Prepaid expenses and other current assets		2,625,425			3,712,861
Contract asset		2,402,678			1,618,296
Total current assets		111,580,059			92,074,631
Restricted cash		569,900			669,900
Property and equipment, net		3,517,677			4,067,837
Operating lease right of use assets		4,938,889			5,248,525
Other assets		2,614			234,038
Total assets	$	120,609,139		$	102,294,931
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable	$	102,693		$	710,158
Accounts payable		1,878,244			7,381,183
Accrued expenses		15,087,681			22,005,432
Derivative liability		599,000			797,000
Operating lease liabilities, current		1,069,181			1,004,063
Total current liabilities		18,736,799			31,897,836
Long-term debt, net of debt discount		18,373,099			18,029,005
Operating lease liabilities, noncurrent		6,540,040			7,093,165
Total liabilities		43,649,938			57,020,006
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020		—			—
Common stock, $0.0001 par value; 300,000,000 shares authorized, 125,083,006 shares issued and outstanding at June 30, 2021 and 150,000,000 shares authorized, and 98,852,696 shares issued and outstanding at December 31, 2020		12,508			9,885
Additional paid-in capital		414,249,029			349,358,378
Accumulated other comprehensive loss		(5,454	)		—
Accumulated deficit		(337,296,882	)		(304,093,338	)
Total stockholders’ equity		76,959,201			45,274,925
Total liabilities and stockholders’ equity	$	120,609,139		$	102,294,931

Corbus
Pharmaceuticals Holdings, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Revenue from awards and licenses	$	136,558		$	286,346		$	784,382		$	2,048,405
Operating expenses:
Research and development		11,265,220			30,686,071			21,986,043			54,633,937
General and administrative		5,572,397			7,738,968			10,913,594			15,438,447
Total operating expenses		16,837,617			38,425,039			32,899,637			70,072,384
Operating loss		(16,701,059	)		(38,138,693	)		(32,115,255	)		(68,023,979	)
Other income (expense), net:
Other income (expense), net		(227,609	)		—			(242,703	)
Interest income (expense), net		(401,170	)		12,649			(1,047,720	)		114,642
Change in fair value of derivative liability		204,000			—			198,000
Foreign currency exchange gain (loss), net		(12,538	)		20,721			4,134			147,214
Other income (expense), net		(437,317	)		33,370			(1,088,289	)		261,856
Net loss	$	(17,138,376	)	$	(38,105,323	)	$	(33,203,544	)	$	(67,762,123	)
Net loss per share, basic and diluted	$	(0.15	)	$	(0.52	)	$	(0.28	)	$	(0.95	)
Weighted average number of common shares outstanding, basic and diluted		116,364,131			73,885,548			120,722,622			71,578,975

August 12, 2021 8:08 am

Metacrine Updates MET642 Clinical Development Milestone and Reports Second-Quarter 2021 Results

Interim data from the Phase 2a trial of MET642 in patients with NASH now expected early in the fourth quarter of 2021
Topline results from a Phase 2a trial of MET409 in combination with empagliflozin in patients with NASH and type 2 diabetes on track to be reported in the fourth quarter
of 2021

SAN DIEGO, Aug. 12, 2021 (GLOBE NEWSWIRE) — Metacrine, Inc. (NASDAQ:MTCR), a clinical-stage biopharmaceutical company pioneering differentiated therapies for patients with liver and gastrointestinal diseases, today updated a key clinical development milestone and reported its second-quarter 2021 financial results.

“We are just a few months away from important clinical data readouts for both our MET409 and MET642 programs,” said Preston Klassen, M.D., MHS, CEO, Metacrine. “We now expect to report data from an interim analysis of the MET642 trial in non-alcoholic steatohepatitis (NASH) patients early in the fourth quarter of 2021. We also affirmed that we are on track for our MET409 combination trial readout before the end of the year. Our team has done a fantastic job achieving enrollment targets for both studies, as we get ready to select the best candidate to move forward into late-stage development in both NASH and our planned expansion into inflammatory bowel disease (IBD) in 2022.”

Klassen continued, “Our potentially best-in-class FXR agonist platform supports our vision of bringing new therapies to patients that have no treatment options today. The wider therapeutic index of our NASH program is achieved through balanced FXR activation in both the liver and intestine to deliver an optimal risk/benefit profile. With capital that takes us through our critical milestones in 2022, we remain focused on executing against our key objectives in the months ahead.”

Key Clinical Development Milestones & Outlook

MET642 Phase 2a monotherapy trial interim analysis now expected early in the fourth quarter of 2021 – The Company plans to report topline data of an interim analysis from its Phase 2a, 16-week, randomized, placebo-controlled, multi-center trial evaluating MET642 in patients with NASH early in the fourth quarter of 2021 (previously fourth quarter of 2021) after 60 patients have completed 16 weeks of treatment. Topline trial results of up to 180 patients are still anticipated in the first half of 2022. The MET642 Phase 2a clinical trial is evaluating the safety, tolerability and pharmacological activity, as measured by reductions in liver fat content with magnetic resonance imaging-derived proton density fat fraction (MRI-PDFF), changes in liver enzymes, LDL-C levels and overall pruritis rate, at 3 mg and 6 mg dose levels. The trial completed enrollment of the first 60 patients in May 2021.
MET409 Phase 2a combination trial results expected in the fourth quarter of 2021 – Metacrine expects to report topline data from its Phase 2a trial evaluating MET409 (50 mg) in combination with empagliflozin (Jardiance^®), a sodium-glucose cotransport-2 (SGLT-2) inhibitor in patients with both type 2 diabetes (T2D) and NASH, in the fourth quarter of 2021. SGLT-2 inhibitors, in addition to affording glycemic control and cardiovascular/renal benefits, have demonstrated positive effects on liver fat reduction. A daily oral combination treatment with an FXR agonist and SGLT-2 inhibitor could benefit patients with NASH and T2D, who are believed to be at greater risk for liver disease progression. The MET409 Phase 2a clinical trial is a 12-week, randomized, placebo-controlled, multi-center trial evaluating the safety, tolerability and pharmacological activity, as measured by MRI-PDFF. The trial completed enrollment with over 120 patients in June 2021.

Other Business Highlights

On July 9, 2021, Metacrine presented new preclinical data in IBD at the European Crohn’s and Colitis Organisation (ECCO) 2021 Virtual Congress. The new data provide compelling evidence that FXR activation can improve commonly dysregulated pathways in IBD.
The Company plans to host a virtual R&D Day for analysts and investors on Wednesday, September 15, 2021 at 12:00 p.m. ET. The event will showcase Metacrine’s programs in NASH and IBD, featuring management presentations and discussions by prominent key opinion leaders (KOL). The agenda will also include the introduction of the Company’s new discovery program and a KOL presentation highlighting the value of combination therapies in patients with both T2D and NASH.

Second-Quarter 2021 Financial Results

Cash Balance – Cash, cash equivalents and short-term investments were $74.8 million as of June 30, 2021. Metacrine believes it has sufficient capital to fund its current operating plan through 2022.
R&D Expenses – Research and development expenses were $11.4 million for the three months ended June 30, 2021, as compared to $7.4 million for the prior-year period. The increase was primarily driven by higher clinical development costs related to the advancement of the Company’s MET409 and MET642 programs.
G&A Expenses – General and administrative expenses were $4.0 million for the three months ended June 30, 2021, as compared to $1.8 million for the same period in the prior year. The increase was attributable to higher employee-related costs and expenses associated with operating as a publicly traded company.
Net Loss – Net loss was $15.6 million for the three months ended June 30, 2021, as compared to $9.3 million for prior-year quarter.

About Metacrine

Metacrine, Inc. is a clinical-stage biopharmaceutical company building a pipeline of differentiated therapies to treat liver and gastrointestinal diseases. Metacrine has developed a proprietary farnesoid X receptor (FXR) platform utilizing a unique chemical scaffold, which has demonstrated an improved therapeutic profile in clinical trials. The Company’s two product candidates, MET409 and MET642, are currently being investigated in clinical trials as potential new treatments for NASH. MET409 has completed a 12-week monotherapy trial in patients with NASH and is being evaluated in a 12-week combination trial with empagliflozin in patients with both NASH and type 2 diabetes. MET642 has completed a 14-day Phase 1 trial in healthy volunteers and is being evaluated in a 16-week monotherapy trial in patients with NASH. To learn more, visit www.metacrine.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements about the design, progress, timing, scope and results of clinical trials; the anticipated timing of disclosure of results of clinical trials; plans for initiating future clinical trials and studies; statements regarding the therapeutic potential of MET409 and MET642; the differentiated nature of Metacrine’s FXR program; plans for advancing the clinical development of Metacrine’s FXR program; the potential best-in-class nature of Metacrine’s FXR program; the potential for its FXR product candidates to be long-term therapies for NASH and IBD; and Metacrine’s belief that it has sufficient capital to fund its current operating plan through 2022. Words such as “may,” “will,” “expect,” “plan,” “aim,” “projected,” “likely,” ”anticipate,” “estimate,” “intend,” “potential,” “prepare,” “perceived,” “believes” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Metacrine’s expectations and assumptions that may never materialize or prove to be incorrect. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks and uncertainties regarding regulatory approvals for MET409 or MET642; potential delays in initiating, enrolling or completing any clinical trials; potential adverse side effects or other safety risks associated with Metacrine’s product candidates; competition from third parties that are developing products for similar uses; and Metacrine’s ability to obtain, maintain and protect its intellectual property. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in Metacrine’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2021, and in Metacrine’s other filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as required by law, Metacrine assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Metacrine, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2021			2020			2021			2020
Operating expenses:
Research and development	$	11,368		$	7,395		$	22,225		$	13,756
General and administrative		3,992			1,793			7,688			3,394
Total operating expenses		15,360			9,188			29,913			17,150
Loss from operations		(15,360	)		(9,188	)		(29,913	)		(17,150	)
Total other income (expense)		(225	)		(134	)		(440	)		(284	)
Net loss	$	(15,585	)	$	(9,322	)	$	(30,353	)	$	(17,434	)

Metacrine, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)

	June 30,		December 31,
		2021		2020
Assets
Current assets:
Cash, cash equivalents, and short-term investments	$	74,813	$	96,176
Prepaid expenses and other current assets		4,841		5,847
Total current assets		79,654		102,023
Property and equipment, net		488		634
Operating lease right-of-use asset		1,248		1,579
Total assets	$	81,390	$	104,236
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	261	$	334
Accrued and other current liabilities		7,231		3,692
Total current liabilities		7,492		4,026
Long-term debt, net of debt discount		9,498		9,372
Other long-term liabilities		1,141		1,559
Stockholders’ equity		63,259		89,279
Total liabilities and stockholders’ equity	$	81,390	$	104,236

Investor & Media Contact
Steve Kunszabo        
Metacrine, Inc.
+1 (858) 369-7892
[email protected]